比特币：为什么 10 万美元还没有赢得

昨天，比特币价格在 Bitstamp 上突破 10 万美元，达到 99,500 美元，随后短暂回落至 96,000 美元以下。

As Bitcoin approached the long-awaited grail of $100,000, the tension was palpable. Yesterday, observers thought they would witness the big leap, but the flagship crypto played coy, flirting with the peaks without fully venturing there.

当比特币逼近期待已久的 10 万美元目标时，紧张气氛显而易见。昨天，观察家们认为他们会见证这一巨大飞跃，但旗舰加密货币却表现得腼腆，在没有完全冒险的情况下与峰值调情。

Behind this euphoria lay a far more complex reality - massive sales to defuse, and a market ready to explode. So, is it just a pause or a real trap for investors? Let's dive into this ascent that is as fascinating as it is concerning.

这种欣喜的背后隐藏着一个更为复杂的现实——大量的销售待平息，而市场即将爆发。那么，对于投资者来说，这只是一个暂停还是一个真正的陷阱？让我们深入探讨一下这条既令人着迷又令人担忧的攀登。

Bitcoin: Why the $100,000 are not yet won

比特币：为什么 10 万美元还没赢

The price of bitcoin brushed against $100,000 yesterday, reaching $99,500 on Bitstamp, before briefly retreating below $96,000. However, the bulls do not seem to have said their last word. According to trader Skew, the symbolic barrier is almost within reach, but a major obstacle persists: an accumulation of “sell walls” in the $99,000 area.

昨天，比特币价格在 Bitstamp 上突破 10 万美元，达到 99,500 美元，随后短暂回落至 96,000 美元以下。然而，多头似乎还没有说出最后一句话。根据交易员 Skew 的说法，象征性障碍几乎触手可及，但一个主要障碍仍然存在：99,000 美元区域积累的“卖出墙”。

These massive sell orders are slowing down BTC's ascent, but each advance nibbles away at this obstacle. Skew predicts that a breach of $100,000 could trigger a “violent breakout”.

这些大量的卖单正在减缓比特币的上涨速度，但每一次上涨都在蚕食这一障碍。 Skew 预测，突破 10 万美元可能会引发“暴力突破”。

Despite this, some investors still risk taking short positions, hoping for a market reversal. A risky strategy: recent data shows that more than $115 million in shorts were liquidated in just one day.

尽管如此，一些投资者仍然冒险做空，希望市场出现逆转。一项有风险的策略：最近的数据显示，短短一天内就有超过 1.15 亿美元的空头被清算。

A situation that Keith Alan, co-founder of Material Indicators, describes as a “short trap”:

Material Indicators 联合创始人 Keith Alan 将这种情况描述为“空头陷阱”：

“If you take the bait, prepare to be crushed.”

“如果你上钩了，就做好被压垮的准备吧。”

Once this resistance is lifted, bitcoin could well enter a parabolic phase, sweeping everything in its path.

一旦这种阻力被解除，比特币很可能进入抛物线阶段，席卷其路径上的一切。

Crypto: The volume pause, a calm before the storm?

加密货币：成交量暂停，暴风雨前的平静？

If BTC's figures are impressive, the rest of the crypto market showed a more cautious face. On Binance, for example, spot trading volumes saw a spectacular peak of $60 billion at the beginning of November, before halving. A decline that intrigued analysts.

如果说 BTC 的数据令人印象深刻，那么加密货币市场的其他部分则表现出更为谨慎的态度。例如，在币安上，现货交易量在 11 月初达到 600 亿美元的惊人峰值，然后减半。这种下降引起了分析师的兴趣。

For Darkfost from CryptoQuant, this slowdown might indicate a period of reflection for investors. “Less activity can reduce volatility, but it also curbs euphoric surges,” he explained.

对于 CryptoQuant 的 Darkfost 来说，这种放缓可能预示着投资者需要一段反思期。 “减少活动可以减少波动性，但也会抑制欣快感的激增，”他解释道。

This decline in volumes also served as a warning: a market that is too calm could lead to a volatility explosion at the slightest significant movement. This general caution did not prevent some assets from exploring new heights, but it highlighted a reality: even at the dawn of $100,000, the market remained fragile, dependent on a balance between optimism and distrust.

交易量的下降也是一个警告：过于平静的市场可能会导致稍有重大波动就会导致波动性爆炸。这种普遍的谨慎并没有阻止一些资产探索新的高度，但它凸显了一个现实：即使在 10 万美元的黎明时，市场仍然脆弱，依赖于乐观和不信任之间的平衡。

In this environment, every decision could weigh heavily. Seasoned investors knew this: patience was as formidable as it was risky.

在这种环境下，每一个决定都可能举足轻重。经验丰富的投资者知道这一点：耐心既可怕又危险。

Crossing $100,000 will not be a mere formality for bitcoin. Between significant challenges related to derivatives and the need for institutional coordination, this flagship crypto must prove that its potential can outlast the whims of the markets. The road is still long, but the suspense remains at its peak.

对于比特币来说，突破 10 万美元不仅仅是一个形式。在与衍生品相关的重大挑战和机构协调的需要之间，这种旗舰加密货币必须证明其潜力能够超越市场的突发奇想。路还很长，但悬念仍处于巅峰。

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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

区块链和加密革命正在进行中！当世界上最脆弱的经济体感受到影响的那一天，尽管万般希望，我会说我与它有关